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Report No. : |
335469 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
GREEN PLASTIC
FACTORY |
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|
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Registered Office : |
Shuaiba Industrial
Area West, Block 5, Plot No. 129B-130B |
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Country : |
Kuwait |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
13.02.2005 |
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Com. Reg. No.: |
329700 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturers of
Plastic Bags and Films. |
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No. of Employees : |
55 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Kuwait |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
KUWAIT - ECONOMIC
OVERVIEW
Kuwait has a geographically small, but wealthy, relatively
open economy with crude oil reserves of about 102 billion barrels - more than
6% of world reserves. Kuwaiti officials plan to increase oil production to 4
million barrels per day by 2020. Petroleum accounts for over half of GDP, 94%
of export revenues, and 89% of government income. For the last decade, high oil
prices have generated budget surpluses despite increasing budget expenditures,
particularly on wage hikes for public sector employees. Despite Kuwait’s
dependence on oil, the government has cushioned itself against the impact of
lower oil prices by continuous saving of at least 10% of government revenue in
the Fund for Future Generations. Kuwait has done little to diversify its
economy, in part, due to a poor business climate and an acrimonious
relationship between the National Assembly and the executive branch that has
stymied most economic reforms. In 2010, Kuwait passed its first long-term
economic development plan in almost twenty-five years. While the government
planned to spend up $104 billion over four years to diversify the economy away
from oil, attract more investment, and boost private sector participation in
the economy, many of the projects did not materialize because of the uncertain
political situation.
|
Source
: CIA |
Company Name : GREEN
PLASTIC FACTORY
Country of Origin : Kuwait
Legal Form :
Sole Proprietorship
Registration Date : 13th
February 2005
Commercial
Registration Number : 329700
Trade Licence Number : 30930
Chamber Membership
Number : 92982
Invested Capital : KD 150,000
Total Workforce :
55
Activities :
Manufacturers of plastic bags and films
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajev Pillai,
Financial Controller
GREEN PLASTIC
FACTORY
Location : Shuaiba Industrial Area West, Block
5, Plot No. 129B-130B
PO Box : 9083
Town : Ahmadi 61001
Country : Kuwait
Telephone : (965) 23261050 / 23261053 / 23261051
/ 22246235
Facsimile : (965) 23261056
Mobile : (965) 99897620
Email : info@gpfkuwait.com
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Ahmadi.
Name Position
·
Mrs
Fatima Othman Mizaal Al Saeed Proprietor
·
Mishari
Ayman Abdullah Al Bodai General
Manager
·
Othman Ayman
Abdullah Al Bodai Assistant
General Manager
·
Omar Al
Bodai Sales
Manager
·
Rajev
Pillai Financial
Controller
·
Shaden
George Administration
Executive
Date of Establishment : 13th
February 2005
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 329700
Trade Licence No. : 30930
Chamber Member No. : 92982
Invested Capital : KD 150,000
Mrs Fatima Othman
Mizaal Al Saeed is the sole proprietor of the business.
Activities: Engaged in the manufacture of plastic bags and films, specialized in blown film extrusion rolls, plastic bags for hygienic products, chicken bags, shopping bags, stretch film and shrink film
Subject is
certified by the ISO 9001: 2008 and certified by ISO 22000: 2005 and by The
Food Safety Management System.
Import Countries: Europe and the Far East.
International Suppliers:
·
SABIC Saudi
Arabia
·
Equate Kuwait
· Muntajat Qatar
Operating Trend: Steady
Subject has a
workforce of 55 employees.
Financial
highlights provided by local sources are given below:
Currency: Kuwaiti
Dinars (KD)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales KD 1,000,000 KD 1,200,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Rajev Pillai, Financial Controller
·
Kuwait
Finance House (KFH)
Safat Square
Abdullah Al Mubarak Street
PO Box: 24989
Safat 13110
Tel: (965) 22445050
Fax: (965) 22455135
No complaints regarding
subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.